Banks post 1 trillion won loss in first half

Final figures show that the banking sector incurred a loss of over 1 trillion won in the first half of this year. According to the Financial Supervisory Service, from January to June, the banking sector, including commercial and regional banks, recorded a net profit of 925.2 billion won, an increase of 283.1 billion won. However, when potential distressed asset volume is deducted, 9 banks incurred huge losses, and on the whole, a loss of 1 trillion won was recorded. Seoul Bank, with a loss of 717.4 billion won, was hit the hardest, and Hanvit Bank followed with a 710.4 billion won loss. Further down the list are Korea Exchange Bank, Kwangju Bank, Peace Bank, Kyungnam, Daegu, Chegu and Jeonbuk Banks, Housing and Commercial Bank, Kookmin, Shinhan, and Korea First Bank, and Hana, Chohung, Koram and Pusan Banks, all of which recorded a profit despite arranging for 100% of their potential distressed assets.